有色套利早报-20260319

Report Industry Investment Rating - Not provided Core View - The report presents the latest data on cross - market, cross - period, spot - futures, and cross - variety arbitrage for有色金属 (non - ferrous metals) including copper, zinc, aluminum, nickel, and lead on March 19, 2026 [1][4] Summary by Directory Cross - Market Arbitrage - Copper: The domestic spot price is 98,960, the LME price is 12,601, and the spot import balance ratio is 7.82 with a profit of - 140.18; the three - month domestic price is 98,620, the LME price is 12,709, and the ratio is 7.80 [1] - Zinc: The domestic spot price is 23,220, the LME price is 3,172, and the spot import balance ratio is 8.23 with a profit of - 2,887.41; the three - month domestic price is 23,385, the LME price is 3,214, and the ratio is 5.21 [1] - Aluminum: The domestic spot price is 24,510, the LME price is 3,397, and the spot import balance ratio is 8.29 with a profit of - 3,652.55; the three - month domestic price is 24,835, the LME price is 3,365, and the ratio is 7.37 [1] - Nickel: The domestic spot price is 133,900, the LME price is 17,024, and the spot import balance ratio is 7.97 with a profit of - 852.43 [1] - Lead: The domestic spot price is 16,525, the LME price is 1,888, and the spot import balance ratio is 8.49 with a profit of 511.66; the three - month domestic price is 16,685, the LME price is 1,932, and the ratio is 12.06 [3] Cross - Period Arbitrage - Copper: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month are - 730, - 720, - 630, and - 620 respectively, while the theoretical spreads are 599, 1095, 1601, and 2107 [4] - Zinc: The spreads are - 355, - 315, - 295, and - 285 respectively, and the theoretical spreads are 222, 349, 477, and 604 [4] - Aluminum: The spreads are - 105, - 70, - 25, and 20 respectively, and the theoretical spreads are 236, 372, 509, and 645 [4] - Lead: The spreads are 50, 85, 100, and 125 respectively, and the theoretical spreads are 208, 312, 416, and 520 [4] - Nickel: The spreads are - 360, - 50, 50, and 290 respectively [4] - Tin: The 5 - 1 spread is - 3910, and the theoretical spread is 7674 [4] Spot - Futures Arbitrage - Copper: The spreads between the current - month and next - month contracts and the spot are 360 and - 370 respectively, and the theoretical spreads are 618 and 1057 [4] - Zinc: The spreads are 480 and 125 respectively, and the theoretical spreads are 205 and 340 [4] - Lead: The spreads are 75 and 125 respectively, and the theoretical spreads are 183 and 294 [5] Cross - Variety Arbitrage - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 4.22, 3.97, 5.91, 1.06, 1.49, and 0.71 respectively; in London (three - continuous contracts) are 3.96, 3.65, 6.48, 1.09, 1.78, and 0.61 respectively [5]